Gold is forming a descending wedge chart pattern from my point of view, which could indicate a strong bullish momentum.
However, this chart pattern is only valid when it has complete the wedge pattern. At this moment I am expecting the price to keep going south.
Below, is my marking for support level on different time frames.
RED line - Monthly
YELLOW - Weekly
GREEN - Daily
And if we look at fundamentals, GOLD is usually a safe haven asset class in times of uncertainty with investors.
This fact has proven in November 2018 when gold started its bull rally when Donald Trump started the trade war with China.
I'll say that since 2018 Gold is a bit sensitive to the news in terms of this trade war shenanigans President Trump is doing.
Price of gold has since retrace around 30% from October 2018 when a good message between China and the US was made public.
My Trading Advice is to see a continuation of sellers coming in GOLD.
My support level is stated above with the markings of my support line according to its time frames.
Good Luck!
However, this chart pattern is only valid when it has complete the wedge pattern. At this moment I am expecting the price to keep going south.
Below, is my marking for support level on different time frames.
RED line - Monthly
YELLOW - Weekly
GREEN - Daily
And if we look at fundamentals, GOLD is usually a safe haven asset class in times of uncertainty with investors.
This fact has proven in November 2018 when gold started its bull rally when Donald Trump started the trade war with China.
I'll say that since 2018 Gold is a bit sensitive to the news in terms of this trade war shenanigans President Trump is doing.
Price of gold has since retrace around 30% from October 2018 when a good message between China and the US was made public.
My Trading Advice is to see a continuation of sellers coming in GOLD.
My support level is stated above with the markings of my support line according to its time frames.
Good Luck!